Alberta Bankruptcy

Author:

Anonymous

Question:

Hi, I am self employed and have been supporting the entire family, i.e. food & shelter; while my husband struggles with his business. Since he owes a lot of money and has no real steady income, I'm very worried about our future if he files bankruptcy? The house is under my name and our 23 yr old son lives with us & is working part time while attending university. My #1 concern is will I AND my son (particularly) be dragged into liable for my husband's debt?

From:

Alger & Associates Inc.

Date:

Jul 27, 2010

Answer:

The only way you are responsible for your husband's debts is if you signed contracts jointly or agreed to subsidiary cards for credit card debts. If your husband is not on title to the house and hasn't been in the last 5 years then the house is not subject to a Trustee's review as long as you are still married.

Karen Rideout
phone: (403) 296-2973
krideout@alger.ca